By NZPA
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Tuesday 10th December 2002 |
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In what is effectively a reverse takeover by British-based GPG, the merged structure will allow GPG to adopt a tax efficient and flexible structure and to reorganise Brunel, which bills itself as the world's second largest tobacco processing equipment company.
GPG shareholders have already approved the deal, which gives each GPG shareholder one new Brunel share for each GPG share, leaving them with 98.6 percent of Brunel.
Now the companies have High Court approval, the merger is set to become effective on December 13, with trading of the new Brunel shares on the New Zealand stock exchange on December 16. Trading on the Australian stock exchange will follow a day later.
The deal would involve Brunel splitting off its core trading businesses first into a new company, Dickinson Legg Group.
Brunel will change its name to Guinness Peat Group plc, and Guinness Peat will change its name to GPG (UK) Holdings.
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